What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is a federal law that promotes accuracy, fairness, and privacy of consumer information held by consumer reporting agencies (CRAs). The FCRA was passed in Oregon in 1970 and is enforced by the Federal Trade Commission (FTC). The purpose of the FCRA is to require CRAs to assemble, maintain, and provide accurate information about consumers when requested. It also ensures that consumers are not unfairly discriminated against due to the information held by CRAs. In addition, the FCRA requires CRAs to protect the privacy of consumer information and gives consumers the right to dispute any inaccurate information. For example, the FCRA restricts the sharing of consumer information without the consumer’s consent, and it sets guidelines for how long certain types of information can remain on a credit report. It also limits how creditors can use the information they gather from a consumer’s credit report. This helps to prevent lenders from making decisions about a consumer that are based on inaccurate or incomplete information. Ultimately, the FCRA provides consumers with critical protection and ensures that consumer information is accurate and secure. It also helps to ensure that the Oregon banking industry operates in a fair and transparent manner.

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What is the Fair Credit Reporting Act?

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